Separately, an amendment to an existing securities rule will now require brokers to ask customers for a trusted person the advisor can reach out to if fraud or mental decline is suspected. The request for a trusted contact will be made either when accounts are opened or when brokers are updating information for existing clients.

Both changes, which were approved a year ago and are governed by the Financial Industry Regulatory Authority, aim to tackle the growing issue of elder fraud. A year-over-year increase in the number of cases and complaints involving senior financial fraud and exploitation was reported last year by 29 percent of state securities regulators, according to the North American Securities Administrators Association.

Additionally, older Americans lose roughly $36.5 billion to fraud each year, according to 2015 estimates from retirement-planning site True Link.